⚠ Below Seventy Percent for the First Time Since 1995High threat

Intel (INTC) — threat to the moat

Intel's share of x86 processors is lower than at any time since 1995.

Across PC and server processors, Intel's share of x86 units fell to 69.3% in the second quarter of 2026, below 70% for the first time since 1995, according to Mercury Research1. The drop was 6.5 points in a year2. Counting semi-custom, embedded and other chips, the figure was lower still3.

Intel share of x86 units, Q2 2026 (%)69.3%PC and server69.7%Client65.5%ServerMercury Research via TechPowerUp, Basic Tutorials, HotHardware
Below 70% for the first time since 1995.

The loss is broad. AMD held 30.3% of client processors, 34.9% of desktops and 28.9% of notebooks4, and 34.5% of server units5. By value it was larger: 38.1% of all x86 processor revenue in the first quarter6.

A long decline in share is what a narrowing moat looks like from outside. Each point lost is a design that took years to win and will take years to win back, because PC and server makers plan products long in advance.

The trend has been steady rather than sudden. HotHardware, reporting Mercury's figures including semi-custom and embedded chips, gave Intel 70.6% a year earlier, 67.4% in the previous quarter and 65.9% in the second quarter of 202678. A company losing a point or two every quarter while its prices rise is harvesting its position, not defending it.

The decline has continued through a period when Intel was supply-constrained, which makes the next year the real test. Intel's unit share after its capacity catches up is the number that matters; a stabilisation near 70% would say the losses were mostly the shortage.

References
  1. Third-party estimateAcross PC and server processors, Intel's share of x86 units fell to 69.3% in the second quarter of 2026, below 70% for the first time since 1995, according to Mercury Research.
    TechPowerUp, Mercury Research Q2 2026: Intel's share of PC and server x86 units at 69.3%, below 70% for the first time since 1995. — Q2 2026 · publ. 25 August 2026 · source ↗
  2. Third-party estimateThe drop was 6.5 points in a year.
    TechPowerUp, Mercury Research Q2 2026: Intel's share of PC and server x86 units at 69.3%, below 70% for the first time since 1995. — Q2 2026 · publ. 25 August 2026 · source ↗
  3. Third-party estimateCounting semi-custom, embedded and other chips, the figure was lower still.
    TechPowerUp, Mercury Research Q2 2026: Intel's share of PC and server x86 units at 69.3%, below 70% for the first time since 1995. — Q2 2026 · publ. 25 August 2026 · source ↗
  4. Third-party estimateAMD held 30.3% of client processors, 34.9% of desktops and 28.9% of notebooks, and 34.5% of server units.
    Basic Tutorials, Mercury Research Q2 2026 client shares: AMD 30.3% of x86 client CPUs, 34.9% of desktop and 28.9% of notebook. — Q2 2026 · publ. August 2026 · source ↗
  5. Third-party estimateAMD held 30.3% of client processors, 34.9% of desktops and 28.9% of notebooks, and 34.5% of server units.
    HotHardware, Mercury Research Q2 2026: AMD 34.5% of server CPU units, Intel 65.5%. — Q2 2026 · publ. August 2026 · source ↗
  6. Third-party estimateBy value it was larger: 38.1% of all x86 processor revenue in the first quarter.
    Tom's Hardware, Mercury Research Q1 2026: AMD at 46.2% of x86 server CPU revenue and 38.1% of all x86 CPU market value. — Q1 2026 · publ. 14 May 2026 · source ↗
  7. Third-party estimateHotHardware, reporting Mercury's figures including semi-custom and embedded chips, gave Intel 70.6% a year earlier, 67.4% in the previous quarter and 65.9% in the second quarter of 2026.
    HotHardware, Mercury Research Q2 2026: AMD 34.5% of server CPU units, Intel 65.5%. — Q2 2026 · publ. August 2026 · source ↗
  8. Third-party estimateHotHardware, reporting Mercury's figures including semi-custom and embedded chips, gave Intel 70.6% a year earlier, 67.4% in the previous quarter and 65.9% in the second quarter of 2026.
    TechPowerUp, Mercury Research Q2 2026: Intel's share of PC and server x86 units at 69.3%, below 70% for the first time since 1995. — Q2 2026 · publ. 25 August 2026 · source ↗
Sources
Generated September 25, 2026